Kainantu Resources Announces Private Placement Financing
Kainantu Resources Announces Private
Placement Financing
VANCOUVER, BC
,
Nov. 23, 2023
/CNW/ - Kainantu Resources Ltd. ("
KRL
" or the "
Company
")
(TSXV: KRL) (FSE: 6J0) is pleased to announce a private placement financing of up to 100,000,000
common shares of the Company (the "
Shares
") at a price of
C$0.02
per Share for gross proceeds
of up to
C$2,000,000
(the "
Offering
").
The Shares issued under the Offering will be subject to restrictions on resale for a period of four
months from the date of issue. The Company may pay a finder's fee in cash and/or share purchase
warrants in connection with the Offering.
The net proceeds of the Offering will be used as follows: (i)
to satisfy a
US$500,000
(approximately
C$685,000
) payment due to
Harmony Gold
(PNG) Exploration Limited ("
Harmony
") under the Asset
Sale and Royalty Agreement dated April
6, 2022 with Harmony, (ii)
to carry out exploration work of
approximately
US$500,000
(approximately
C$685,000
) on its properties in
Papua New Guinea
, and
(iii)
the balance on general administrative and working capital purposes.
About KRL
KRL is an
Asia-Pacific
focused gold mining company with four highly prospective gold-copper
projects,
Kili Teke
, KRL South, KRL North and the May River Project. All projects are located in
premier mining regions in PNG. Both KRL North and KRL South show potential to host high-grade
epithermal and porphyry mineralisation, as seen elsewhere in the high-grade Kainantu Gold District.
The May River project is near the world-renowned Frieda River Copper-Gold Project, with historical
drilling indicating the potential for significant copper-gold projects.
Kili Teke
is an advanced
development project with an existing inferred mineral resource. KRL has a highly experienced board
and management team with a proven track record of working together in the region; and an
established in-country partner.
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of
the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
Disclaimer and Forward-Looking Information
Statements contained in this release that are not historical facts are forward-looking statements
that involve various risks and uncertainty affecting the business of KRL. In making the forward-
looking statements, KRL has applied certain assumptions that are based on information available,
including KRL's strategic plan for the near and mid-term. There can be no assurance that such
information will prove to be accurate, as actual results and future events could differ materially
from those anticipated in such statements. Accordingly, readers should not place undue reliance
on forward-looking information. KRL does not undertake to update any forward-looking information,
except in accordance with applicable securities laws.
SOURCE
Kainantu Resources Ltd.
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For further information:
Enquiries: Kainantu Resources, Dain Currie, Chairman and Director (Tel:
+604 633 1818); Adam Clode, Interim Chief Executive Officer (Tel: +65 6920 2020), Email:
CO: Kainantu Resources Ltd.
CNW 14:22e 23-NOV-23